2 models fit Boozt AB (publ) and they agree: 2 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
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Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionBoozt AB (publ) (BOOZT.ST)
Fair value (2 models)
kr 123
ACCE price target
kr 153
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 14:04 CEST.
ACCE price target published on 23 Oct 2026, 01:53 CEST.
Rating published on 22 Oct 2026, 14:04 CEST.
Price used: kr 155 at the close on 23 Oct 2026, 17:30 CEST.
Models: P/E comparison and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
25.8% above
-20.5% to fair value
ACCE score
65
out of 100
P/E
33.6x
forward 26.2x
1-year return
+46.4%
Dividend yield
0.00%
Boozt AB (publ) in four questions
Plain answers, details below
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Overview
ACCE thesis
Boozt is a Scandinavian online fashion and beauty retailer, running its own storefronts across the Nordics and Europe alongside a third-party marketplace and a fulfilment service that handles logistics for other brands. The structural pitch rests on scale in a category where online penetration is still rising: revenue is growing 13.1% and the gross margin of 28.3% sits well above what a store-based apparel chain typically earns. The thinner part is profitability, with an operating margin of only 4.5% and a 11.1% ROE, so the case depends on operating leverage as volume grows through the fixed cost base. At a 33.9x trailing and 26.5x forward P/E, the market is already paying for that improvement, which makes margin delivery against the growth rate the number to check before going further. Worth a deeper look if you want exposure to Nordic online fashion, provided you are comfortable underwriting the margin expansion rather than the top line.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
Earnings growth stalled
Revenue grew 13.1% year over year, but earnings grew only 0.9%, so the operating margin of 4.5% is thin and not expanding with sales.
moderate
Price above model fair value
The share price trades 25.8% above the model fair value of kr 122.93, leaving little margin of safety on the current valuation models.
moderate
Valuation rich on earnings
A trailing P/E of 33.6 against net margin of 3.5% prices in substantial future earnings growth that the latest year's 0.9% earnings growth does not yet show.
AI research notes
AI-assisted·How I use AIWritten Oct 24, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 13.1% year over year and has averaged 13.7% a year over five years, showing sustained demand for the platform.
Free cash flow over the last twelve months reached SEK 985M, and the share count fell 2.0% in the last fiscal year.
Earnings per share beat expectations by 14.0%, with EPS of 1.63 against 1.43 expected in the latest quarter.
Why it could disappoint
The shares trade 25.8% above the model fair value of kr 122.93, and the consensus rests on only two valuation models.
At 26.2x forward earnings the stock sits well above the sector median of 17.5x, leaving little room for error.
A net margin of 3.5% and return on invested capital of 7.6% leave thin profitability, and earnings grew far slower than revenue.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 3, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where BOOZT.ST's valuation models land
Price
kr 154.70
Model fair value
kr 123
Model range
kr 108 to kr 138
Fair value kr 123
Price kr 155
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
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